Anchorage, Alaska’s Steep Hill has been forced to suspend operations after Wells Fargo bank called in the loan on the company’s building because they are a cannabis-related business. The closure leaves just two labs to test cannabis products for the entire state.

“We are sorry to announce that Steep Hill Alaska will be suspending cannabis testing operations on March 31, 2018. We have to relocate because Wells Fargo called in the loan on our building. They will foreclose if we do not move out — just because we are a cannabis business! We are looking for a new home and would be interested to hear of any potential locations. We are grateful to have served the Alaskan community for the past year. Thank you for all your support. We will be back.” – Steep Hill in a Thursday social media post

In an email to the Juneau Empire, David Kennedy, spokesman for Wells Fargo in Alaska, attributed the bank’s action to cannabis’ status as a Schedule I drug under federal law.

“It is currently Wells Fargo’s policy not to knowingly bank marijuana businesses, based on federal laws under which the sale and use of marijuana is still illegal.” – Kennedy to the Empire

Anchorage’s CannTest and Wasilla’s New Frontier Research are now tasked with testing cannabis products for all of the state’s operators. New Frontier has not yet held its grand opening but is already accepting samples for testing after its license was finalized Mar. 14.

Alaska Marijuana Control Board member Brandon Emmett told the Empire that he expects the effects of the closure will be limited because CannTest has the capacity to handle the state demand.

“The businesses that use Steep Hill are going to be inconvenienced … obviously Steep Hill is going to be extremely inconvenienced, but as far as the industry as a whole is concerned, I don’t think it will be a major issue.” – Emmett to the Empire

Steep Hill CEO Brian Coyle said Wells Fargo should follow Alaskan laws if they are going to do business in the state.

“To me, Wells Fargo is the real bad guy here. They could give a shit about Alaska. Only 700,000 people in Alaska; that’s less than the city of San Francisco.” – Coyle to the Empire

Steep Hill was one of the first two labs licensed by the state.

Do you own a cannabis industry business? Create a listing in our directory and get discovered by new clients - Click Here
.

Tags: , , , , | Categories: Cannabis Business News Medical Marijuana News Recreational Cannabis News

Learn about cannabis businesses:

View the directory | Get featured here

  • GRND: Global Recruiting Network Development

    GRND is a global recruiting agency that specializes in executive recruiting. GRND recruits and retains elite professionals that bring leadership, ethics, professionalism, and innovation to the cannabis industry. At GRND, we’ve created a culture of community that stretches across continents. We value our candidates and clients by bringing value to their lives and businesses. When we work together, we grow together. Ready To Grow?

  • Craft Cannabis Marketing

    We offer two decades of experience providing advertising, branding, and web design solutions to the most recognizable brands from around the globe. Simply put, we decided to take the expertise we gleaned working with big-name companies you know and love and bring it to the emerging cannabis industry. We’re more than a mere agency – we’re cannabis advocates.

  • S2S Insurance

    S2S Insurance Specialists, LLC (S2S) provides risk management services to the Recreational & Medical Industry, both domestic and abroad. Through a specialized platform, S2S helps both public and private companies purchase important Insurance Coverages in the emerging Cannabis Industry. Our mission is to educate, advise and help our clients obtain hard to place General Liability (including Product & Completed Operations, Employment Practice Liability & Workers Compensation) for their cannabis-related operations. We go above and beyond our client’s expectations while always supporting them in the claims process

  • CO2Meter

    CO2Meter, Inc. is a Florida based business specializing in the design and manufacturing of gas detection and monitoring devices – mainly Carbon Dioxide. Our CO2 monitors satisfy the current fire code regulations necessary for all cannabis grow house and extraction facilities. Our business partners in agriculture, HVAC, science, safety, research, pharmaceuticals, beverage, and other fields find our devices to be highly accurate and cost effective.

  • Cannabis Tax Solutions

    We are Cannabis Industry Financial Experts helping CEO's transform their business by saving tons on taxes, increasing cash flow, enhancing margins, and improving processes. We go beyond Section 280e issues; your problems are our solutions.

  • Duby

    Duby is the world’s largest, most-active cannabis social media network. We created a medium that allows our quarter million + users to communicate and connect anonymously with other cannabis users around the world, providing the freedom to speak and share knowledge and experiences that will change the perception of cannabis.

    Tell your cannabis story by downloading the Duby app!

  • CannaSafe Solutions

    CannaSafe Solutions is the one-stop-shop for all the safety needs of your cannabis growhouse, dispensary, lab, or edibles manufacturing facility. We provide all of the safety equipment and apparel you need to protect your employees, your plants, and your business.

  • New Approach Bookkeeping LLC

    New Approach Bookkeeping provides cannabis companies with their day-to-day, monthly, quarterly, and yearly financials. Our services include full cycle bookkeeping, HR business consulting, cash management, and payroll services for the cannabis industry. We have over 3 years experience and understand the 280e publication and how it affects all entities of the cannabis industry.

  • Proteus 420

    Proteus420 is the only real-time, fully featured business solution that has been created specifically for the Medical Marijuana Industry.Both powerful and secure, we can assist all levels of business from Dispensary to Delivery through our medical marijuana and dispensary software, and provide all the tools you will need to save your business Time and Money!

  • Fast Capital Financing

    FCF understands the importance of financial stability to ensure the success of your business. That's why we offer loan options delivered by our expert business advisers so you can worry less about working capital, and more about what really matters - running your business! We work with all credit scores and offer an easy online application. You can receive a decision in as little as 24 hours! Contact us now to speak with one of our business advisers.

  • CannaPlanners

    CannaPlanners is a full service design and web agency, dedicated to normalizing the cannabis industry through professional and beautiful design services. From logos to packaging design, trade-show materials to t-shirts and hats - we've got all your creative needs covered. Our turnkey WordPress site builder allows for great-looking sites at affordable rates. Let our creative team tell your story!

  • NisonCo

    Through access to an unmatched network of cannabis industry leaders, reporters, reviewers, and social media influencers, NisonCo can get and keep your company in the news. We have developed over 2,800 active relationships with reporters and reviewers who cover cannabis from nearly every major outlet across the country. Our team of over 15 employees is passionate about maintaining a positive image for the industry and our hyper-attentive approach generates fast results.

Want a job in the cannabis industry?

Sign up to apply for unlimited jobs and get discovered by companies who are hiring

Post Your Resume View all jobs

Recent Job Postings

Subscribe for daily cannabis news, announcements, and business insights.

Stay informed about the latest cannabis industry news, policy progress, and business developments.